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tv   Bloomberg Markets  Bloomberg  September 4, 2015 12:00pm-1:01pm EDT

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the unemployment rate dips to a seven-year low. we will talk to former pimco ceo mohamed el-erian. thousands of refugees are locked with a standoff in hungary and others are walking to germany as leaders fight over what to do. cameron said his nations will accept thousands more refugees. with the david miliband, the president of the international rescue committee and a foreign british foreign secretary. -- and a warmer british foreign secretary. british foreign secretary. ♪ brendan: good afternoon, i am brendan greeley. betty: i am betty liu. you have all of the indexes down right now. we are bouncing along our lows of the session. the dow is down by 255 points,
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off by 1.5%. are10 sectors in the s&p lower. financial taking some of the biggest hits. you can see jpmorgan, goldman sachs, bank of america all down over 2%. all 10 sectors in the s&p are in the red. let's move over to oil prices where the commodities are -- you can see that we are coming off of the gains that we are seeing this week in oil. the nymex is down 1.2%. brent is down 1.4%. we are onto our gains of a may see a second weekly rise in oil. gold is down 3/10 of 1%, falling for the third day in a row. brendan: this is the federal funds rate. we're looking at protection in the yellow. people are buying against a rate rise in september. green is a rate rise in december. both dropped on the job news,
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meaning that people are slightly more confident that there will be a rate rise. they both dropped in tandem. that means even though there is more confidence there will be a rate rise, the distance between the two of them is maintained. this is something that janet yellen has been clear about. what i go it will be in a measured way, decision after decision. betty: very consistent. brendan: we will look at bond markets. a little more flattening in the curve. some strength in the near and -- near and the yield. let's look at currencies. -- sorry, we riel will look at major currencies. a weakness in the euro. a step off the curb, we are not sure what happened yesterday after mario draghi's comments. now we are looking at the
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brazilian riau. 3.8 oh.ready at a this is the cost of political dysfunction. there is no confidence in brazil they can get a budget passed. finance, talking about we are talking about politics. that is the weakness you are seeing in the real. ridiculous, it is. stories some of the top on the hour. hundreds of migrants broke free areolice in hungary and walking tour germany, more than 80 miles away. they were held for two days near a stalled train in budapest. a crowd of refugees fleet west tong the tracks and refused enter a camp where government officials want to register them. political leaders are meeting to discuss the crisis. many refugees are fleeing
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war-torn syria. david cameron said his country will try to help. mr. cameron: we will continue our approach taking them from the refugee camps, providing them a more safe and direct route to the united kingdom, rather than risking the journey that has tragically cost so many their lives. cameron met the madrid and the spanish prime minister and said that migrant crisis will be europe's biggest challenge in years, but would not commit to raising the number of syrians spain would accept. we have not seen an unemployment rate this low in seven years. the federal reserve considers meaning employment that the rate might rise. more jobs thaned first reported in june and july. betty: senior bankers with phil the pain under a plan considered
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at standard chartered. the british bank may cut 200 15 managing directors, one fourth of those that hold the title. trying tohartered is reverse a two-year slide in profit. library has agreed to -- blackberry has agreed to by a competitor, good technology, that creates apps to help employees work securely from their phones. 2.5 millioning dollars. blackberry used to be the mobile phone company. there are now focusing on software. brendan: skype for ios and android devices that has inapt navigation and search features -- tong users to use look up friends and specific conversations. it is also easier to multitask. isty: for star wars fans it force friday. toys went on sale on midnight.
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fans lined up outside. you can see the disney store in new york's times square. the marketing blitz is being released well ahead of the next wars: the force awakening. that will hit seven days before christmas. brendan: i'm excited about this movie, but i've got a star wars excerpt. i'm a 40-year-old man. this happens to be part of my childhood. looking at that video, that is clearly the demographic they are going for. who is lining up? not six-year-old kids, 40-year-old men. betty: i'm surprised that you were not there. in the next half hour, we will get insights on the latest jobs numbers and the market reaction the chiefed el-erian, economic advisor at elian. brendan: samsung announces a new 2 toh called the gear s
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compete with apple. these stories over the next hour. g-20 finance ministers hoping to calm the nerves of investors. ryan joins us from turkey. what exactly is on the agenda? china is at the top of the agenda. we heard from the deputy ofernor of the central bank china earlier today. we were talking to him. he said that the fundamentals of the chinese economy are fine, and the chinese currency, as he put it, this is a quote, more or less stable. in those exclusive comments he was trying to address what a lot of the g-20 participants want to talk about in addition to their concerns about the market volatility we have seen from china. it is a message that all of the
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chinese considers, the bea -- i was20 conference, speaking with one of the chinese businessmen there, one of the guys that has run two of the biggest chinese oil companies, and he said the same thing. we have market problems, but the underlying economy is not as big of a problem as people think. you will see, especially in the last two weeks, you will see a lot of things happening in china where people outside of china are concerned about it. if you look into the details, the fundamentals of the economy, it has not changed much. the only things that people saw was either fearing or scaring about the performance. the second -- of thedamentals
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economics, especially the manufacturing and industrial sector, they have not changed much. we heard at the deputy governor also saying that they still expected the chinese economy to grow by about 7%. one official that we were talking to said, you know, that vantage point, the visibility of how the chinese economy will continue to grow and what policymakers will continue to do is something that officials have not gotten here, and that is something they would like. there will be more meetings between central bankers and finance ministers with the chinese delegation, and they will want to more answers. brendan: the question this summer for markets in the u.s. has always been, what is more sick ethic and? what is more significant? the song high composite or the tantrum with a rate hike in september?
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are the feds a part of the conversation where you are? ryan: the rate hike conversation is huge. people are very concerned, particularly at emerging-market participants about a rate hike. they would love for the rate hike to be pushed back. they were all listening to the jobs report today. yesterday when we got our hands on the draft, it could change. not-so-subtle reference to the fed saying that central banks, in general, when iny tighten need to be clear their communications and calibrate the tightening with other countries. that is what they think. they want to the fed to do what it needs to do, but they would appreciate it if it did not happen so quickly and was not very dramatic. brendan: thank you. he is at the g-20 in turkey.
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betty: there's something else brewing in turkey, and migrant crisis. they are brought in millions of migrants, they have welcomed them. we will talk about the u.k. pledging to help more refugees from syria as the crisis grows. we will get insight from a former u.k. secretary of state for foreign affairs and the current president of the rescue. ♪
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brendan: welcome back to the bloomberg "market day." that is your view into labor day. welcome to the bloomberg "market day." betty: as long as it does not rain people will have a good labor day, hopefully. let's go straight to bloomberg's matt miller who was looking at what is happening in markets. we put people in better moods, but the stocks are trading low. the marketswho bet
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would drop are in a fantastic mood, and there is no shortage of those people. 1.5%.p 500 is down it will be a 3% drop, more than a 3% drop for these indexes this week if they finish here. that will make it the second worst week of the year. the worst for people who are long. let me show you something that is interesting. if you are into geeky dow theory you may take something from this. let me move over so that i can get the security screen off and make it full screen. the green line is the dow and thetation index, magenta line is the industrials. in the first six months of the year, the industrials crushed the transportation. they were down 1.5% and the other was down 11.5%. a big problem for dow theorists.
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in the last several weeks, the transportation index, an index of 30 stocks in the transportation industry have outperformed the dow six out of the last seven weeks. that could be a good sign if you're into that kind of theory, but let me stress, it is only theory. a couple of stocks you may have thought were in the transportation index that are not, caterpillar, is down. it has been downgraded by robert w bear. they are downgrading caterpillar because of results and forecasts that are so bad. interestingly, it is not downgrading joy, just cutting the price target by more than -- $24 from $50. it is not the only one doing that. to $20also downgrading
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from $40. these companies both service miners with equipment and services. they need less equipment and fewer services says they're not getting any money for the stuff that they are pulling out of the ground. thank you. matt miller who is reviewing the stocks. the top we will look at stories. amazon is expanding its portfolio of cloud computing services by buying elemental technologies that distributes a video to web connected devices. amazon is paying $500 million for elemental. betty: publishers may have won the battle but lost the war when it comes to you books. e-book revenue dropped in the last quarter after striking a deal with amazon that let them set prices and avoid deep discounts. high prices are turning off buyers. fallibility does not
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extend to eyesight. newhen pope francis needed eyeglasses, he went shopping like anyone else. a thrifty shopper he simply newd for new lenses, not frames. the vicar of rome. betty: look at that crowd. it reminds me of the star popes: they're just like us. brendan: should the eu be doing more to helped thousands of refugees? we will talk to david miliband. ♪
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betty: this is the bloomberg "market day."
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i am betty liu with brendan greeley. brendan: we will talk about the latest on the refugee crisis in europe. prime minister david cameron is feeling pressure to take action. he says that bridwell except thousands more refugees -- that britain will except thousands more refugees from camps. david miliband is the president of the international rescue committee. david, it is great to have you with us. this has reached crisis levels for you see it on the front pages of the newspapers in the u.s.. with david cameron said about accepting thousands more, is that enough? mr. milibrand: it is good to be back, thank you for your interest in a store that is not only a political and economic crisis, but is a moral crisis in europe. 4 million refugees from the syrian conflict alone, and then lebanon, knowing
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can say that a few thousand people are enough, but it is a step in the right direction. 216 is the current number of people that have gotten into the u.k. from syria. the move is a good thing, but to the problem has to be tackled both at source, the continuing flow of people because of the thenity thus humanitarian situation, and in europe where there are hundreds of thousands of refugees already. brendan: it seems in the background there is a concern assistance will turn into long-term integration. what should european leaders think about the long-term integration of people within their borders. history says that refugees become extremely productive members of society. america is a testimony, but also in europe. these are doctors, teachers, business people who have bee
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expelled from their current -- who had been expelled from the country by amex people -- by an unspeakableby an war. the german government expects 800,000 refugee or asylum claims this year. it is reaction to that calmly. they are saying that we need to fulfill our moral, political, obligations. traditionally america is the leader, germany has now taken up that mantle. only 4000 have settled here, despite successful syrian-american communities, like in san diego. betty: the governor of turkey has stepped up. you see in poland, slovakia, they do and elsewhere, not believe that they should be
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accepting these refugees and want to turn them back. the hungarian prime minister, this is a quote that he said. he said the problem is not european, it is german. the refugees want to end up in germany. none of them want to stay in slovakia, poland, or estonia. all of them would like to go to germany. why should they deal with this issue up all of them want to go to germany, the u.k., canada, and america. mr. milibrand: it is fundamentally a syrian problem. people expelled from the country by war. 78 million lights out across syria, 7 million people displaced within the country, a war without end, and it is getting worse. teams in greece meeting the people as they come off of the mediterranean. we have teams of people.
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one story said in syria we were already dead. ,rankly, slovakia, hungary anywhere is better than being in the middle of aleppo. they're trying to get out of the zone where they feel like their chance of survival is zero. the middle 1990's you could go into small villages in germany and find clusters of refugees, same in sweden. what are the lessons from the last refugees crisis in europe on how best to handle people when they arrive? mr. milibrand: there are 2 big lessons, you have to address the problem at source and in europe. you have to stabilize the countries. thankfully, countries like yugoslavia are on the route to european union membership. second, you have to distribute people. if one country bears the entire burden, it does not work. you have to spread people out.
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europe is the world's largest richest single market. 500 thousand refugees, you can do the percentages. you have to spread them out. betty: we can have an intellectual debate about this, but it is the heartstrings. pulling the heart strings of the world. it has brought attention to it we saw the dreadful pictures of the little boy that was washed ashore. during that time, david, you tweeted the photo, as did many others -- you tweeted the powerful images of a dead syrian child on a beach does not change her attitude toward syrian refugees, what will? do you think we are changing our attitude? mr. milibrand: i think that wednesday of this week may have been an inflection point. the photo was a part. there's also a sense of shame. that is being used more often by europeans then any other. they are shamed of europe's lack
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of action. in greece, my colleagues can tell you there are not enough water, sanitation, toilets -- there has been real trouble on the greek islands where they are being overrun. the services are being overrun. does it lead to a new effort to tackle the root of the problem in syria? it has been a massive problem. does it lead to europe taking a different view of their role in the world? brendan: this is something we should have all been feeling for a long time. six months ago you are saying this was something we should be paying attention to. the former u.k. a insurance state for foreign affairs. bloomberg television. ♪
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betty: there it is, the empire state building. kind of foggy, hazy afternoon here on labor day weekend.
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welcome back to the "bloomberg market day." i'm betty liu. democratic presidential candidate hillary clinton will be walking a tightrope today when she campaigns in puerto rico. the u.s. territory is struggling with $72 billion in debt the governor says cannot be repaid. clinton is in favor of letting puerto rican agencies file for bankruptcy, but that may alienate creditors at hedge funds. many of them are clinton supporters. vice president joe biden says he is not sure if he will run for president. biden spoke in-- atlanta where he was asked what it would take for him to enter the race. joe biden: the most relevant factor in my decision is whether my family and i have the emotional energy to run. some might think that is not appropriate. bo diediden's son earlier this year. in kentucky, a county clerk
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issued a marriage license to a gay couple. davis is in jail for refusing to issue licenses. davis says her husband will stay in jail until there is a law not a lot -- allowing clerks not to provide licenses to gays. recalls slices of white and american cheese. could remains that to the product and possibly cause choking is not removed. 335,000 cases were affected by the problem, 10 times as many as first. -- first thought. that is a look at top stories. in the next hour, we will get a preview of apples event next wednesday. are you excited yet? we are expecting new iphones, apple tv, and maybe a surprise. star wars fans are gearing up for episode seven. we will look at all of the star wars merchandise, toys,
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everything that went on sale overnight. soon after this morning's labor report was announced, the richmond fed president delivered a speech. its title is "all you need to know" about his stance on the fed, the case against further delay. >> i am not arguing this economy is perfect by any means. but nor is it on the ropes requiring the stimulus of low monetary policy interest rates to get it back into the ring. it is time to align our monetary policy with a significant economic progress we have seen. betty: there are voices among the best and brightest who still think the fed will hold off at its next meeting in two weeks. mohamed el-erian's chief economic advisor charlie arms -- to allianz. always good to see you, particularly on job days. tell me your view on the jobs
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report. what does it say for the fed? >> there was something for everybody in this report, whether you are enthusiastic about the u.s. economy or worried. so yes, job creation fell short of what was expected, the lowest in five months. but the unemployment rate came down. hourly work went up. wages went up. it is a mixed report. it will make the fed even more uncertain and more tentative about what to do in september. betty: you tweeted shortly after the report. let show that tweet -- let's show that tweet. since you left pimco, you have become an active social media maven. low job creation offset by other positive factors. does that tell you the markets are going to remain very
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volatile and this is why we are down over 200 points right now? >> today, absolutely. an indecisive jobs report, a long weekend, and trying to reopen after holiday. if you are a trader, you do not want to go along into this weekend, so you're going to see a lot of bets pulled back short-term. over the long term, we are transitioning paradigms. it is important to understand this. we are going from a paradigm of low volatility, a low growth equilibrium global economy, all this helped by central bank to a paradigm of much higher volatility and a much more uncertain global economy. we are shifting paradigms. reprice any to volatile manner up and down for the next few weeks at least. betty: what would a rate hike due to that volatility? >> that is the basic issue.
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i have been supportive of a rate hike for a long time. but i believe if they were to hike in september, it would be doing the right thing at the wrong time. why do the right thing? because the u.s. economy is ready for a slow normalization of monetary policy. the u.s. economy is in relatively good shape. monetary policy should be normalized gradually. why would it be the wrong time? not because of what is happening in the u.s., but because what is happening in the global economy. there is a risk if you hike now, you end up doing what china did with its currency change a few weeks ago. you end up fueling global instability and then you have to worry about the snow back onto the economy -- still back -- still back onto the economy. i suspect they will not hike this month. betty: when is a likely right time? >> you need one of two things for the right time.
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i think you need an alignment of domestic and global conditions. we had that early in the year. that is why you heard me encourage them to hike early in the year. or alternatively, you need the fed to succeed in getting us to stop obsessing with the timing of the first hike, which does not matter that much in the long term, and to focus more on the journey. the journey is going to be the loosest tightening in fed history. it is going to be a really -- very shallow path. it will not be a hike at every meeting. it will be well below historical averages. if the fed can succeed through expectation management in getting us to stop obsessing over the first rate hike and look at the journey, then they will feel comfortable going forward. betty: it sounds like what you are saying is very much in line with one of our bloomberg pieces where a talked about how fed policymakers, where you stand on
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when they are going to hike depends on whether you think the fed's data-dependent or outlook-dependent. if you thought purely they were data-dependent, maybe you would think they would hike this month? >> i think if you look at the economic data, i am worried about the financial conditions and risk appetite. we also have learned quite a few things about functioning of the markets. we have learned there is not as much liquidity as people think. we have learned some of the new products don't function particularly well during market disruptions. you've got to be careful. what you cannot afford is to have the financial stability k onto the real economy. right now, it is localized. you do not want that to spill back on the real economy. it is a tricky judgment call. betty: one thing we have talked
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quite a bit about in the overall economic community is the jobs market and economy. there has not been as much focus on inflation. nouriel roubini was with us earlier today. he talked about how he thought inflation was a bigger factor for the fed than jobs -- than the jobs outlook. i want you to hear what he said about that. nouriel roubini: on the labor criteria and job creation, things are confirmed to be positive. but there is now reasonable doubt the fed may not be achieving in the short run its own objective of 2% inflation given the international development. that could be the factor rather than the labor market keeping the final hold in september. betty: does that sound right, that inflation could be a bigger factor? >> on this particular topic, you have to listen to stanley fischer, the vice chair. he told us two things. he said they will not wait until
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inflation is at the target. if they wait until inflation is at the target of 2%, it will be too late. the second thing he told us is he is confident inflation is coming back in. today's numbers were encouraging. that is a positive part of the report. right now there is not the inflation, blinking yellow sign saying you have got to move now, but i would not say they have to wait until inflation is 2%. they just have to be confident inflation will gradually move up. betty: that the trend is heading in that direction. stay with me. i want to talk more about the fed, but also what is going on overseas as well. mom and el-erian staying with us -- mohamed el-erian staying with us. stocks are climbing. the dow off almost 300 points now. we will have much more in a moment. ♪
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betty: welcome back to the "bloomberg market day." i'm betty liu. let's get to matt miller for the big stories of the market day. we are taking another leg lower on the market. matt: that is probably the big story on this friday. after the jobs number came out, depending on how you interpret it, a lot of people are selling this market. a lot of people are short this market. this is not an incredibly depressing picture unless you are long. the dow down 300 points. at 1918.00 down 1.3% i'm watching the 1867 level because that is the artist close -- the august lows we hit on black monday. we had a 500-point loss on the
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first day. it looked like we would get a rebound. we will be down 3% for the week. on lackluster volume. look at my terminal. i have what dan curtis pointed out. you can run it on any index that is big enough to have subgroups. what you are seeing is volume compared to the 20-day average, but it is all negative. every single one of the 10 s&p industry groups is trading less volume than it was on average the last 20 days at this time. industrials,s and which had been the volume gainers over the last few days because we had been thinking in volume yesterday and the day before. every day, we have been coming down in volume. today is the lightest day of the week. the smart ones, went on labor day vacation already. in the office today
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look like we are getting flagged today. there was some buying in the 10-year this morning with the initial jobs number, and then the drop in the market. you saw a dip, buying the debt. the yield off for basis points at 2.12. oil is an asset you want to look at. the market has been tracking oil well this week, but over the last couple of weeks. crude down at 4613. bank of america came out with a downgrade on the view of crude, 2016,is year, $58 for pulling it down about $10. look at copper, taking a hit today, down 3%. any global growth expectations or market calming that would help copper is gone today. goldt to take a look at
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because it is priced in dollars. as the dollar rises, gold comes down no matter how much gold bugs want to buy. they cannot do that in the face of a rising dollar. betty: thank you so much. we are passionate about our jobs as we head into labor day weekend. markets are responding to this morning's labor report. afford toan they focus on what is going on here in the united states? let's bring back mohamed el-erian. the reason we say that is we were playing some sound from the richmond fed president. he talked about how the fed has to focus on what is going on within our own borders. i want you to hear what he said about that. >> each central bank has to take care of its own domestic price. we focus on u.s. conditions. the e.c.b. needs to do what it needs to do to meet its goals.
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similarly for japan or other countries around the globe. when we do that and let exchange rates adjust and calibrate to what we are doing, i think things turn out well. what the fed wants to do and needs to do, but can they afford to do that? inamed: i think he is right saying the fed has to mastic objectives. the problem is meeting those domestic objectives depends on what else is happening. it is like being a house in a global neighborhood. you cannot just focus on the house. pursuing its domestic objectives, must take into account what is happening globally. betty: they do. this week, the e.c.b. raising the limit on their bond buying program. does that add to the uncertainty? does that add to complications for the fed? mohamed: it adds to the
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complication. this is a very difficult time for policymaking. it is a consequence of having relied on central banks for too long. that had been the only game in town. they have been operating with a narrow set of tools. those of us following this closely have been saying be careful of the unintended consequences and collateral damage. now that is what we are dealing with. from the e.c.b., what does it mean from the fed? on the one hand, they will be relieved the e.c.b. is willing to be more stimulative. and that is what draghi signaled. because they're worried about the global economy. on the other hand, they will be worried about the strengthening of the dollar and a strong dollar acting as a headwind to corporates in the u.s. and the economy. in theso deep right now world of second and third best policymaking that it is very
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complicated and requires a tremendous amount of judgment for which we do not have good historical models. speaking about more policy initiatives, what the e.c.b. did earlier this week, you expect that is not the end? that we will see much more coming out from draghi? mohamed: yes. we will see the e.c.b. do even more. we will see them trying to do even more. the problem is that is not going issuesnough because the facing their economy are structural in nature. they need to deploy the whole set of policy tools. but in the absence of a copper -- comprehensive policy response, the central bank will have no option but to do more. year, by the end of this we have already talked about the fed and where they are, you don't think they will raise in september. you don't believe they should.
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what do you think we will see by the interest of the year from the e.c.b. and chinese? mohamed: i think by the end of this year, the e.c.b. would have signaled it intends to do more and would probably enhance its large-scale securities purchase program. more.is going to do they will be injecting liquidity whatever way they can because they are worried about what is going on in the stock market. they have the same problem we had 10 years ago. when we encouraged housing for social purposes and found out we had blown a massive bubble, well, they are doing the same thing with the stock market. encouraged stock ownership is part of the transition to a marketer he system, and it has been overdone. by contrast, i believe by the end of the year the fed will have moved. not in september, but by the end of the year. we will have divergent central-bank policies. betty: i want to clarify.
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when you say china will do more, you mean more devaluation? mohamed: they will do more monetary policy. one result of that is going to be the currency will go weaker. betty: great to see you. always fantastic to have you on jobs day. mohamed el-erian, columnist for "bloomberg view." samsung versus apple. this time for your wrist, smart watches. we will look at whether samsung's latest offering can out run the apple watch. ♪
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betty: samsung takes on apple at virtually every turn. it's smart watches are no different. the just -- it just released its new smart watch.
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key question. can they do it? can they cut into apple's sales? stephen was able to spend some time with the gear. i know you don't have it with you. he spent 30 minutes with it or so? >> about that. so far, it looks good. it is tough to know without getting to where it for a while. the hardware is nice. it looks like an actual watch. it feels nice, it looks nice. it works kind of the way apple's digital crown does. you have hardware interaction and not just a touch screen. it should be here in october. hopefully, we will get more time to spend with that same. betty: what was the good and bad? >> the good is it feels like a real watch, which i think is the main sticking point for consumers right now. a lot of the smart watches do not feel like watches. the bad thing is samsung's new software is not always the greatest. it is using its own operating system which has compatibility
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issues and is not as streamlined as google's android. betty: are people going to say this is the poor man's apple watch? >> i don't know. we will have to see how apple continues to update the watch, which maybe we will get a peek at on wednesday at the iphone event. maybe some sales numbers if we are lucky. i'm not optimistic we will get a lot from apple on wednesday. betty: i was at the apple store over the weekend in my neighborhood. it was crowded as usual. virtually no one was around the apple watch is. no one seemed interested. i took a look at them a little bit. laptopsere looking at and iphones and things like that and try to get stuff repaired. we don't have numbers from apple. do you have any indication whether sales are doing well?
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>> the perceived wisdom is sales are great for preorders and when they first hit stores and it has been on a steady decline. tim cook has said that is not the case. but he is not giving us other numbers to rely on. we have to wait until apple decides to break the numbers out were gives us an informal update, a graphic chart, something even without a hard number. something to hang on to. betty: the motor 360, why do we want to talk about this? >> this was a big week for smart watches. motorola updated the 360 for the first time since last year. they doubled the price of the watch to $300. it is fully customizable. there are special sizes for women. there are different colors, bands. i think they saw what apple did and decided maybe we do need to sell this as a fashion accessory instead of just a gadget. betty: we've only got about 20 seconds. on wednesday, what is the
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whisper? >> the big draw is iphone 6 s. maybe a bigger ipad. maybe some kind of apple tv product. with apple, you have to wait. betty: we will see what surprises tim cook has up his sleeve. thank you for joining us. much more ahead on "bloomberg market day." the industry is showing huge growth. daily and fantasy sports. we will speak with the draft king's c.e.o., a company with over 2 million users after being found it just four years ago. we will be back. ♪
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betty: it is 10:00 in new york --san francisco. this is "bloomberg market day." the unemployment rate dips but markets are trading lower as the
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data clouds the fed's decision on interest rates. hillary clinton pays a visit to puerto rico. we will look at why her visit to the island may help her defeat whoever is the republican nominee. >> it is go time for daily fantasy sports companies like draftkings. we will speak to the c.e.o. about the company and its plans for global expansion. betty: good afternoon. i am beverly loot -- betty liu. >> i am olivia sterns. stocks are still in the red, close to session lows. we are down 300 points on the dow. betty: with the holidays coming up, volume is thinning out. olivia: volume is thinning out. the market in mainland china still closed. normally, that

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